Boston Beer Company (NYSE:SAM) saw its stock price fall 4% on Friday after the company disclosed that Chief Financial Officer Diego Reynoso will depart on September 14 to pursue a new opportunity.
Effective September 15, Matt Murphy, the company’s Chief Accounting Officer, will step into the role of Interim Chief Financial Officer and Treasurer. Murphy has been with Boston Beer since 2006, when he joined as Corporate Controller, and he was promoted to Chief Accounting Officer in 2015. The company noted that Murphy previously served as interim CFO in 2023 prior to Reynoso’s hiring.
The company has begun a search for a permanent successor for the CFO role and said it will consider both internal and external candidates.
Reynoso’s tenure as CFO spanned three years. During that period, he led the company’s productivity initiatives and oversaw its financial operations. Boston Beer’s founder, brewer, chairman and CEO, Jim Koch, acknowledged Reynoso’s contributions and described his financial leadership as disciplined, adding that Reynoso leaves the company on a strong financial footing.
The appointment of Murphy as interim CFO ensures an immediate handoff in financial leadership, while the search for a long-term CFO is under way. The market response to the announcement was immediate, with shares moving lower following the disclosure.
The company’s statement outlined the transition timeline and the intent to evaluate candidates from both inside and outside the business. Beyond the personnel change and the ensuing market reaction, Boston Beer did not disclose additional details about the search process or a timetable for the selection of a permanent chief financial officer.
This development centers on the company’s executive leadership and financial management. It highlights a planned departure, an internal interim appointment with prior interim experience, and an active recruiting effort to fill the permanent role.